UPDATE 1-ThromboGenics eye drug enters final research phase
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BRUSSELS, Jan 9 (Reuters) - Belgian biotech company ThromboGenics (THR.BR) said on Friday that it had entered the third phase of trials on microplasmin, a non-surgical treatment for a disease that affects the back of the eye.
These trials are the final step in the clinical development of the anticipated new therapy, which the Leuven (Belgium)-based company is developing on its own and plans to submit for U.S. market approval in 2011, Chief Executive Officer Patrik De Haes told Reuters in an interview in December.
The programmes involve two clinical trials, in the U.S. and in Europe and North America. They are set to be completed by the end of 2010, ThromboGenics said.
ThromboGenics shares jumped at market open following the announcement, trading up 4.28 percent to 8.29 euros as of 0933 GMT against the DJ Stoxx European Health Care Index .SXDP which was up 0.85 percent.
"Today's news is clearly positive and elevates ThromboGenics as a 'phase III-stage' company," KBC Securities analyst Jan De Kerpel wrote in a research note to clients, adding it is also important that ThromboGenics has full ownership of the drug program and can reap all the benefits.
Microplasmin would be the first non-surgical treatment available for vitreomacular adhesion, a condition that causes the eye's vitreous gel to have abnormally strong adhesion to the back of the eye, which can make vision deteriorate.
"Microplasmin may represent an important clinical advance as earlier clinical studies have shown that it could potentially resolve vitreomacular adhesion in a simple one-off procedure, removing the need for major eye surgery with its associated risks and costs in such cases," Steve Pakola, chief medical officer at ThromboGenics, said in the company's statement.
The condition is also potentially associated with poorer prognoses in other eye conditions, such as diabetic retinopathy and age-related macular degeneration, ThromboGenics said.
The company listed on Euronext Brussels in July 2006. (Reporting by Anne Jolis; Editing by Rupert Winchester)
